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Gold/Mining/Energy : Gold Price Monitor

GDXJ 121.95

+0.8%

Jan 9 4:00 PM EST

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To: Tom Byron who wrote (69222)	5/15/2001 7:31:21 PM
From: goldsheet	Read Replies (2) of 116846

<<apparently there is gold in those there utility companies, especially here in California, usa.>> The California utilities are not making any money on this, but the out-of-state power generators are. Even a 47% increase in retail rates (currently capped at 6.5 cents/kwhr) will not have much affect on the gap from wholesale rates (about 20 cents/kwhr). It may slow the rate one is going into the hole, but one is still going down. It's too bad the 1996 restructing (not really deregulation) bill forced the utilities to buy only through a government managed power exchange and contained an anti-hedging policy that prevented them from uses caps, collars, floors, and signing fixed delivery contracts. They were put at the mercy of the spot wholesale electric market by the state legislators, who are really to blame for this mess. I guess some of it would already be in the PPI, and when/if it finally get passed to the consumer would move up the CPI.

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